Required information [The following information applies to the questions displayed below.] Iguana, incorporated, manufactures bamboo picture frames that sell for $20 each. Each frame requires 4 linear feet of bamboo, which costs $2.00 per foot Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour Iguana has the following irventory policles: - Ending finished goods inventory should be 40 percent of next month's sales. - Ending direct materials inventory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow. Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufocturing overhead is estimated to be $4,800 ( $400 per month) for expected production of 4,000 units for the year. Selling and adiministrative expenses are estimated at $450 per month plas $0.50 per unit sold. Iguana, Incorporated, had $11,000 cash on hand on April 1 . Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sole, and 50 percent is collected during the month following the sale. Of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct moterials purchases for March 1 totaled $3.400. All other operating costs are paid during the month incurted. Monthy foed manufacturing overhead includes $330 in depreciation. During Aprit, lpuana plans to pay $2,000 for a piece of equipment. Compute the budgeted cash receipts for Iguana. Compute the budgeted cash payments for lguana. . Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Compute the budgeted cash payments for Iguana. Note: Do not round your intermediate calculations. Pound final answers to 2 decimal ploces. Required: 1. Compute the budgeted cash receipts for Iguana. 2. Compute the budgeted cash payments for Iguana. 3. Prepare the cash budget for iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Note: Leave no cell blank enter " O " wherever required. Round your answers to 2 decimal places. 1. Compute the budgeted cash teceipts for iguana. 2. Compute the budgeted cash payments for Iguana. 3. Prepare the cash budget for lguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Compute the budgeted cash receipts for Iguana. Note: Do not round your intecmediate calculations. Round final answers to 2 decimal places